Steps to Stay Up to Speed

Take a minute to think, how does your firm use technology to spot transactional trends in the marketplace? Are you using technology to find competitive intelligence insights? To discover new business opportunities?

Staying ahead of the curve means finding technology that can always adapt to what’s next. Technology tools must be able to adapt to the ever-changing trends and/or needs of the market. For the legal industry, technology must be well equipped to help spot transactional trends in the marketplace, find competitive intelligence insights and discover new business opportunities. In the legal profession, staying up-to-speed with the latest technology can be a challenge.

Use the following list to help evaluate whether your technology is giving you the insights you need to effectively prepare for your next meeting and stay abreast of the competitive intelligence that will help land that next big case. Ask yourself, does my technology:

Provide in-depth financial data. This can include private equity, loan information, merger and acquisition data, new business information and cross-selling activities. Does your technology go in-depth, or is it barely skimming the surface of this information, leaving you with minimal data points with which to win new business?

Find a technology that works with you to display data in a format that saves legal professionals’ time, allowing them to feel better prepared for the next client meeting.

Provide information in an easily-digestible format. A firm should invest in a solution that provides enhanced information and reveals opportunities allows company financial data to be easily digested and acted upon. Technology that is a highly valuable resource and greatly increases the understanding of potential clients could even be the difference-maker when it comes to earning business or losing it to a competitor.

Create a business dashboard. The ability to combine legal information with company information, while filtering data into a highly graphical interface, helps provide a broader perspective of the business. This can help a firm identify trends and opportunities early and assess the value versus complexity. The result can be a highly-focused pitch that helps win business.

Shed light on big-picture client financials. Financial practices, private equity investments and M&A activity viewed in combination with litigation and intellectual property insights can provide a holistic view through which attorneys and law firms can better understand competitors, business targets or gain insights as to the pulse of the transactional market at large.

In this era of big data and business intelligence, take the time to make sure your technology is delivering not just data, but insights you can use to build your practice.

Thomson Reuters Monitor Suite, Deal Monitor, provides quick access to a wealth of hard to find, and highly desirable information. Insights gleaned from financial transaction data such as private equity, loans and M&A help you spot trends and uncover hidden opportunities for new business and cross-selling. For more information, visit our Monitor Suite page.